Keith Kelly of the New York Post writes Wednesday that Ziff Davis, the publisher of PC Magazine, has reached an agreement with its creditors to exit Chapter 11 bankruptcy court protection.
Kelly writes, “In its court filings the company said that from 2001 to 2007, its advertising revenue plunged to $40 million from $215 million, while total revenue in the period dropped to $76 million from $300 million.
“Today, the company still has its one-time flagship PC Magazine and Electronic Gaming magazine and about 15 Web sites.
“The company said the plan, which has yet to be approved, will convert over $428 million in ‘indebtedness’ into new company stock along with a loan note of $57.5 million. Willis Stein would then own less than 10 percent of the company.
“New CEO Jason Young said, ‘the plan reflects their confidence in the strength of our business and our ability to unlock the underlying value in the company.'”
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